BlackRock Announces Results of Joint Special Shareholder Meeting Relating to the Reorganizations of Two Municipal Closed-End Funds

Rhea-AI Summary

BlackRock Advisors announced the results of a special shareholder meeting regarding the reorganization of BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) into BlackRock Municipal Income Fund, Inc. (NYSE: MUI). While MUI's shareholders approved the reorganization, MFL did not achieve the necessary votes from its common shareholders. As a result, the meeting for MFL has been adjourned to March 4, 2022, at 10:30 a.m. ET to continue soliciting proxies. The reorganization will only proceed if MFL secures the requisite approval from its shareholders.

Positive

• MUI shareholders have approved the reorganization of MFL into MUI.

Negative

• MFL did not obtain the necessary shareholder votes to approve the reorganization.
• The meeting for MFL was adjourned, indicating a potential lack of shareholder support.

NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC announced today that, at a joint special meeting of shareholders (the “Meeting”) of BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) and BlackRock Municipal Income Fund, Inc. (NYSE: MUI and together with MFL, the “Funds,” and each, a “Fund”), the requisite vote of shareholders of MUI have approved the reorganization of MFL with and into MUI, with MUI continuing as the surviving Fund, and the transactions contemplated thereby (the “Reorganization”). MFL did not obtain the requisite votes of common shareholders to approve the applicable proposal. Accordingly, the Meeting with respect to the proposal to be voted on by common shareholders of MFL has been adjourned to March 4, 2022 at 10:30 a.m. (Eastern time) in order to continue to solicit proxies from common shareholders of MFL. The Reorganization will not be completed unless MFL obtains the requisite vote of common shareholders to approve the applicable proposal.

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the BlackRock closed-end funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds’ or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

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BlackRock Closed-End Funds

1-800-882-0052

Source: BlackRock Closed-End Funds

FAQ

What happened at the BlackRock shareholder meeting for MFL and MUI?

The shareholder meeting resulted in MUI approving the reorganization of MFL into MUI, but MFL did not obtain enough votes for the proposal.

When is the adjourned meeting for MFL's reorganization?

The adjourned meeting for MFL will take place on March 4, 2022, at 10:30 a.m. ET.

Will the reorganization of MFL into MUI proceed?

The reorganization will only proceed if MFL obtains the requisite votes from its common shareholders.